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20110730
20110730
Search Results 0 to 11 of about 12 (some duplicates have been removed)
the crunch day is actually august 3rd, that's the day when the government has a big $23 billion social security payment and it has between $10 billion and $12 billion in tax revenue coming in. i think the really big issue for the treasury is going to be how it distinguishes between, if you will, paying back the money it already owes, paying back the government bond holders, and paying its ongoing running costs, things like social security, medicare, medicaid, military salaries and so forth, and i think the betting is that the government will put, will give a priority to paying the bills it already owes, to paying the bond holders, simply because if you don't do that, you go into massive default, and the whole global financial system i think really starts getting shaky, but not paying some of the big government commitments within the united states, that's going to get painful pretty fast. >> not paying the social securitys, the medicares, the medicaids of the world or even our defense budget that's as big of an issue for many in many mind as defaulting on our debt which would be a nonpa
was the big question. it was cleveland himself who recommended going on a boat. >> lehrer: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: >> well, the best companies are driven by new ideas. >> our history depends on new ideas. we spend billions on advanced technologies. >> it's all about investing in the future. >> we can find new energy-- more cleaner, safer and smarter. >> collaborating with the best in the field. >> chevron works with the smartest people at leading universities and tech companies. >> and yet, it's really basic. >> it's paying off everyday. and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> lehrer: senate democrats vowed to stay in session around the clock to resolve the debt crisis. house republicans modified their plan
than ten minutes so i'm not quite sure. i'll give you the big thing. this evening by a vote of 218-210 the house of representatives approve a republican plan and that would raise the debt limit by $900 billion initially then another $1.6 trillion sometime in early 2011, but it is all linked to a balanced budget amendment which, of course, the senate says is doa on arrival. and, in fact, they voted and basically said it's doa and on arrival. in the senate a democrat plan will be voted on tomorrow and the republicans in a sense are saying they will vote tomorrow to say it's dead before it even gets here. you can see these adults are really getting along with each other. but the reality of the situation is we are no closer to a deal. in fact, arguably, we're farther from a deal. for the last six days, the stock market has gone down 500, 600 points, and monday if there's not a deal, we might see the market go into some sort of a panic. that's a real possibility because the bad news would flow from that would just be incredible. now, the big problem is that if this happens, the credit o
. there is big cracks in the ground where they were just little cracks. and it is just getting worse. >> unbelievable. another sign of the worsening drought this week is ponds evaporate, ranchers are selling their cattle early at a loss. this is likely to translate into higher food prices for all of us. >>> just three days until possible default and still no solution in sight. the u.s. senate rejected a u.s. house plan to raise the debt ceiling last night. and in just a few minutes or so, the house is expected to block a senate plan to raise the debt ceiling. democrats and republicans continue to spar on capitol hill. >> this is not a crisis which we couldn't control. this isn't an earthquake or a tornado or a hurricane. it isn't a war. it is a created political crisis. the extension of the debt ceiling has been done routinely 89 times since 1939, 55 times by republican presidents, 34 times by democratic presidents, and president ronald reagan holds the record having extended the debt ceiling 18 times in eight years without a confrontation, without the american economy threatening a
Search Results 0 to 11 of about 12 (some duplicates have been removed)